First deal, First out of town investment, First STR/MTR

[Ruben Loredo]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $150,000
Cash invested: $33,350

Contributors:
Deep Mukhi

Single family home in San Antonio's Coliseum/AT&T center area. 2 bedroom/1 bathroom unit with value add opportunities. Set up as an STR/MTR.

What made you interested in investing in this type of deal?

This property came up into my sweet spot.

How did you find this deal and how did you negotiate it?

MLS listing.

How did you finance this deal?

Conventional loan; 30 year note, 20% down.

How did you add value to the deal?

Completed repairs and upgrades to the property and furnished it as a short term & medium term rental.

What was the outcome?

Listed as an STR and MTR and still figuring things out. :)

Lessons learned? Challenges?

Do not overestimate the readiness of the property. I had scope creep by having to repair more fence than I originally anticipated. I think I could have negotiated more concessions into the deal than I originally had.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Deep Mukhi was the agent on the deal and Texas Bay Area Credit Union handled the financing.